Trinity Investments has acquired Fairmont Olympic Hotel, Seattle, a historic 450-room luxury hotel situated in downtown Seattle. Other terms and conditions were not disclosed.
First opened in 1924, the Fairmont Olympic Seattle is listed on the U.S. National Register of Historic Places. The landmark property spans a city block in downtown Seattle and is strategically located near major corporate employers, such as Amazon, Disney and Starbucks, as well as iconic landmarks including the newly-expanded Seattle Convention Center, Lumen Field and Pike Place Market. The property has spacious guestrooms, five distinctive dining offerings, 25,000 square feet of event space, street-level retail, and an array of amenities, including the 10,800 square-foot Health Club, with an indoor heated pool, and 6,700 square feet of office space.
The Fairmont Olympic, Seattle recently completed a $22 million capital renovation to transform the public areas, including the debut of the Olympic Bar, the redesign of The George restaurant, and enhancements to all indoor function spaces. Building on this momentum, Trinity plans to implement a full guestroom renovation to refresh accommodations that have not been updated since 2016 and capitalize on Seattle’s position as a high-growth gateway market.
“We are thrilled to acquire Fairmont Olympic Seattle, an iconic property that has stood at the heart of this vibrant city for a century,” Sean Hehir, managing partner, president, and CEO of Trinity, said in a statement. “This acquisition represents a unique opportunity to own a fully restored landmark hotel in a high-growth market that is experiencing a resurgence in corporate activity and benefiting from substantial capital investments. We are eager to build on the property’s legacy by embarking on a full guestroom renovation, further solidifying its position as Seattle’s premier destination for business and leisure travelers.”
Today’s news follows Trinity’s recent acquisition of The Standard, London, alongside Oaktree Capital Management and Partners Group. The Fairmont Olympic Seattle represents Trinity’s eleventh hotel transaction in the U.S. since the final closing of Trinity GP Fund I L.P., Trinity’s inaugural fund, in 2021.